Federal Income Taxation

An introduction to the fundamentals of federal income taxation with a focus on the determination of gross income, personal and business deductions, and exemptions; an analysis of timing issues and assignment of income principles, and a study of the character of gain or loss upon the disposition property.

Grading and Method of Evaluation:

Letter grade only. Final exam.

Partnership Taxation

Analyzing the income tax consequences arising from the operation of a venture in partnership form, including issues relating to the formation of a partnership; contributions, distributions, allocation of partnership profit and losses; and disposition of partnership interests. Students electing this course may not enroll in Taxation of Business Organizations.

Grading and Method of Evaluation:

Letter grade only. Students graded on problem preparation and analysis and on classroom participation.

Taxation of Real Estate Transactions

This course examines federal income tax concepts applicable to the acquisition, holding, and disposition of real property. Topics will include choice of entity for holding real property, computation and character of gain and loss, effect taxes have on the profitability of real estate transactions, installment sales, like-kind exchanges, and tax-planning techniques for real estate transactions.

Grading and Method of Evaluation:

Letter grade only. Students graded on problem preparation and analysis and classroom participation.

Unicorporated Business Organizations

Unincorporated business organizations (i.e., limited liability companies, all forms of partnerships, and business trusts) have become a vital part of the economy. They are the vehicle of choice for small businesses; venture, private equity, and hedge funds; real estate investment firms; various operations of multi-national companies; professional services firms; and many other venturers. The number of unincorporated business organizations formed each year continues to grow rapidly, and their share of all assets held and all income earned by businesses is growing. This practice-focused course covers topics such as the source of law governing unincorporated business organizations, their formation, the scope of limited liability afforded such organizations and practices that may jeopardize that protection, management arrangements of such organizations, transfers of interests in such organizations, cross-hybrid and other reorganization transactions of such organizations, and their capital structures. The course will provide hands-on opportunities to study and analyze organizational and transactional documents commonly used by such entities and determine the effect various provisions of such documents have on the legal and economic rights and obligations of the members of unincorporated business organizations.